SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2012



			Initial Cost to Company							Amount at which Carried at December 31, 2012
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition			Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
Core Portfolio:
Crescent Plaza Brockton, MA	$	17,025	$	1,147	$	7,425	$	1,335		$	1,147	$	8,760	$	9,907	$	6,385	1993	(a)
New Loudon Center Latham, NY	13,634		505		4,161		12,518			505		16,679		17,184		12,231		1993	(a)
Mark Plaza Edwardsville, PA	—		—		4,268		(872		)	—		3,396		3,396		2,663		1993	(c)
Plaza 422 Lebanon, PA	—		190		3,004		2,301			190		5,305		5,495		4,336		1993	(c)
Route 6 Mall Honesdale, PA	—		1,664		—		11,422			1,664		11,422		13,086		6,746		1994	(c)
Bartow Avenue Bronx, NY	—		1,691		5,803		560			1,691		6,363		8,054		1,919		2005	(c)
Amboy Road Staten Island, NY	—		—		11,909		2,035			—		13,944		13,944		2,813		2005	(a)
Abington Towne Center Abington, PA	—		799		3,197		2,007			799		5,204		6,003		2,704		1998	(a)
Bloomfield Town Square Bloomfield Hills, MI	—		3,207		13,774		20,420			3,207		34,194		37,401		11,867		1998	(a)
Walnut Hill Plaza Woonsocket, RI	23,194		3,122		12,488		1,941			3,122		14,429		17,551		5,804		1998	(a)
Elmwood Park Shopping Center Elmwood Park, NJ	33,258		3,248		12,992		15,401			3,798		27,843		31,641		13,235		1998	(a)
Merrillville Plaza Hobart, IN	26,151		4,288		17,152		2,677			4,288		19,829		24,117		7,797		1998	(a)
Marketplace of Absecon Absecon, NJ	—		2,573		10,294		3,799			2,577		14,089		16,666		5,574		1998	(a)
Clark Diversey Chicago, IL	4,345		10,061		2,773		246			10,061		3,019		13,080		553		2006	(a)
A&P Shopping Plaza Boonton, NJ	7,967		1,328		7,188		399			1,328		7,587		8,915		1,297		2006	(a)
Chestnut Hill Philadelphia, PA	—		8,289		5,691		3,577			8,289		9,268		17,557		1,169		2006	(a)
Third Avenue Bronx, NY	—		11,108		8,038		4,288			11,855		11,579		23,434		1,252		2006	(a)
Hobson West Plaza Naperville, IL	—		1,793		7,172		1,771			1,793		8,943		10,736		3,638		1998	(a)
Village Commons Shopping Center Smithtown, NY	9,192		3,229		12,917		3,934			3,229		16,851		20,080		6,691		1998	(a)
Town Line Plaza Rocky Hill, CT	—		878		3,510		7,508			907		10,989		11,896		8,207		1998	(a)
Branch Shopping Center Smithtown, NY	12,526		3,156		12,545		7,181			3,401		19,481		22,882		5,299		1998	(a)
Methuen Shopping Center Methuen, MA	—		956		3,826		594			961		4,415		5,376		1,811		1998	(a)
The Gateway Shopping Center South Burlington, VT	20,036		1,273		5,091		12,230			1,273		17,321		18,594		6,257		1999	(a)
330 River Street Cambridge, MA	4,197		3,510		2,886		—			3,510		2,886		6,396		77		2012	(a)
Rhode Island Place Shopping Center Washington, D.C.	16,426		4,340		17,360		—			4,340		17,360		21,700		217		2012	(a)
Mad River Station Dayton, OH	—		2,350		9,404		1,058			2,350		10,462		12,812		3,926		1999	(a)



		Initial Cost to Company				Amount at which Carried at December 31, 2012
Description	Encumbrances	Land	Buildings & Improvements	Costs Capitalized Subsequent to Acquisition		Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)
Shopping Centers
Pacesetter Park Shopping Center Ramapo, NY	11,742	1,475	5,899	2,040		1,475	7,939	9,414	3,023	1999	(a)
239 Greenwich Avenue Greenwich, CT	26,000	1,817	15,846	549		1,817	16,395	18,212	5,701	1998	(a)
West Shore Expressway Staten Island, NY	—	3,380	13,554	(55	)	3,380	13,499	16,879	2,206	2007	(a)
West 54th Street Manhattan, NY	—	16,699	18,704	74		16,699	18,778	35,477	2,695	2007	(a)
East 17th Street Manhattan, NY	—	3,048	7,281	40		3,048	7,321	10,369	945	2008	(a)
West Diversey Chicago, IL	15,273	8,576	17,256	—		8,576	17,256	25,832	683	2011	(a)
Mercer Street Manhattan, NY	—	1,887	2,483	—		1,887	2,483	4,370	93	2011	(a)
4401 White Plains Bronx, NY	6,381	1,581	5,054	—		1,581	5,054	6,635	168	2011	(a)
Chicago Street Retail Portfolio	15,775	17,816	56,965	153		17,854	57,080	74,934	800	2011	(a)
1520 Milwaukee Avenue Chicago, IL	—	2,110	1,306	—		2,110	1,306	3,416	66	2012	(a)
340 River Street Cambridge, MA	6,528	4,704	10,208	—		4,704	10,208	14,912	237	2012	(a)
930 North Rush Street Chicago, IL	—	5,175	15,525	—		5,175	15,525	20,700	291	2012	(a)
28 Jericho Turnpike Westbury, NY	—	6,220	24,416	—		6,220	24,416	30,636	374	2012	(a)
181 Main Street Westport, CT	—	3,539	10,618	—		3,539	10,618	14,157	22	2012	(a)
83 Spring Street Manhattan, NY	—	1,754	9,200	—		1,754	9,200	10,954	115	2012	(a)
60 Orange Street Bloomfield, NJ	—	12,477	—	—		12,477	—	12,477	—	2012	(a)
179-53 & 1801-03 Connecticut Avenue Washington, D.C.	—	5,811	17,433	—		5,811	17,433	23,244	—	2012	(a)
639 West Diversey Chicago, IL	4,431	2,672	8,016	—		2,672	8,016	10,688	—	2012	(a)
Undeveloped Land	—	250	—	—		250	—	250
Fund I:
Kroger/Safeway Various	—	—	4,215	—		—	4,215	4,215	4,016	2003	(a)
Fund II:
Pelham Plaza Pelham Manor, NY	33,833	—	—	57,001		—	57,001	57,001	6,055	2004	(a)
Fordham Place Bronx, NY	82,205	11,144	18,010	102,590		16,254	115,490	131,744	11,912	2004	(a)
216th Street Manhattan, NY	25,500	7,261	—	19,197		7,261	19,197	26,458	3,023	2005	(a)
161st Street Bronx, NY	28,900	16,679	28,410	17,355		16,679	45,765	62,444	6,082	2005	(a)
Fund III:
Cortlandt Towne Center Mohegan Lake, NY	73,499	7,293	61,395	5,600		7,293	66,995	74,288	11,833	2009	(a)
Cortlandt Crossing Mohegan Lake, NY	—	11,000	—	—		11,000	—	11,000	—	2012	(a)
Heritage Shops Chicago, IL	21,000	13,131	15,409	54		13,131	15,463	28,594	923	2011	(a)
654 Broadway Manhattan, NY	—	9,040	3,654	(2	)	9,040	3,652	12,692	99	2011	(a)
New Hyde Park Shopping Center New Hyde Park, NY	6,484	3,115	7,285	623		3,115	7,908	11,023	208	2011	(a)
640 Broadway Manhattan, NY	22,750	12,503	19,960	—		12,503	19,960	32,463	487	2012	(a)



			Initial Cost to Company						Amount at which Carried at December 31, 2012
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
Lincoln Park Centre Chicago, IL	19,834		5,090		25,353		—		5,090		25,353		30,443		481		2012	(a)
3104 M Street Washington, D.C.	—		750		2,251		—		750		2,251		3,001		23		2012	(a)
Broad Hollow Commons Farmingdale, NY	—		12,386		—		—		12,386		—		12,386		—		2012	(a)
Fund IV:
210 Bowery New York, NY	—		1,875		5,625		—		1,875		5,625		7,500		—		2012	(a)
Acadia Strategic Opportunity Fund IV	93,050		—		—		—		—		—		—		—			(a)
Real Estate Under Development	45,912		45,658		2,564		200,809		45,658		203,373		249,031		—			(a)
Total	$	727,048	$	332,621	$	638,763	$	524,358	$	339,349	$	1,156,393	$	1,495,742	$	187,029

1. Depreciation on buildings and improvements reflected in the consolidated statements of income is calculated over the estimated useful life of the assets as follows:

Buildings: 30 to 40 years

Improvements: Shorter of lease term or useful life

2. The aggregate gross cost of property included above for Federal income tax purposes was $1,347.0 million as of December 31, 2012

3. (a) Reconciliation of Real Estate Properties:

The following table reconciles the real estate properties from January 1, 2010 to December 31, 2012:



	For the years ended December 31,
(dollars in thousands)	2012		2011		2010
Balance at beginning of year	$	1,098,761	$	950,710	$	817,170
Other improvements	72,633		42,167		133,540
Property Acquired	324,348		105,884		—
Balance at end of year	$	1,495,742	$	1,098,761	$	950,710

3. (b) Reconciliation of Accumulated Depreciation:

The following table reconciles accumulated depreciation from January 1, 2010 to December 31, 2012:



	For the years ended December 31,
(dollars in thousands)	2012		2011		2010
Balance at beginning of year	$	160,541	$	143,232	$	124,562
Depreciation related to real estate	26,488		17,309		18,670
Balance at end of year	$	187,029	$	160,541	$	143,232